US real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the second quarter of 2016, well below market consensus of 2.6 percent, according to the advance estimate by the Commerce Department Friday.

The department emphasized that the second-quarter advance estimate is based on source data that are incomplete or subject to further revision by the source agency. The second estimate for the second quarter, based on more complete data, will be released on Aug. 26.